Global-E Online (NASDAQ:GLBE) Shares Down 8.2% After Analyst Downgrade

Global-E Online Ltd. (NASDAQ:GLBE) shares traded down 8.2% on Thursday after Benchmark lowered their price target on the stock from $68.00 to $64.00. Benchmark currently has a buy rating on the stock. Global-E Online traded as low as $46.75 and last traded at $46.71. Approximately 2,070,770 shares changed hands during mid-day trading, an increase of 46% from the average daily volume of 1,417,560 shares. The stock had previously closed at $50.90.

Several other brokerages have also recently issued reports on GLBE. Wells Fargo & Company lifted their price objective on Global-E Online from $45.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Piper Sandler raised their price objective on shares of Global-E Online from $63.00 to $66.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. The Goldman Sachs Group increased their target price on Global-E Online from $56.00 to $63.00 and gave the company a “buy” rating in a report on Friday, January 10th. KeyCorp boosted their price target on Global-E Online from $55.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, February 10th. Finally, Jefferies Financial Group upped their target price on shares of Global-E Online from $45.00 to $50.00 and gave the company a “buy” rating in a report on Monday, November 18th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.25.

Hedge Funds Weigh In On Global-E Online

A number of large investors have recently modified their holdings of the company. PharVision Advisers LLC acquired a new position in Global-E Online during the fourth quarter valued at approximately $356,000. USS Investment Management Ltd acquired a new position in shares of Global-E Online during the 4th quarter valued at $3,336,000. Voloridge Investment Management LLC purchased a new stake in Global-E Online during the 4th quarter worth $14,319,000. Whitebark Investors LP acquired a new stake in Global-E Online in the 4th quarter valued at $17,023,000. Finally, Sphera Management Technology Funds Ltd acquired a new position in shares of Global-E Online during the fourth quarter worth about $1,636,000. 94.60% of the stock is currently owned by hedge funds and other institutional investors.

Global-E Online Stock Down 8.2 %

The firm has a market cap of $7.68 billion, a price-to-earnings ratio of -80.59, a price-to-earnings-growth ratio of 6.37 and a beta of 1.23. The business has a 50 day moving average price of $56.90 and a 200-day moving average price of $45.55.

Global-E Online (NASDAQ:GLBE) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.02. Global-E Online had a negative net margin of 14.68% and a negative return on equity of 15.05%. The company had revenue of $262.91 million during the quarter, compared to the consensus estimate of $250.96 million. During the same quarter last year, the company earned $0.22 earnings per share. Global-E Online’s revenue for the quarter was up 41.8% on a year-over-year basis. Research analysts anticipate that Global-E Online Ltd. will post -0.47 earnings per share for the current fiscal year.

About Global-E Online

Global-E Online Ltd., together with its subsidiaries, provides a platform to enable and accelerate direct-to-consumer cross-border e-commerce in Israel, the United Kingdom, the United States, and internationally. Its platform enables international shoppers to buy online and merchants to sell from, and to, worldwide.